be very dull indeed. in compensation, in partial compensation, the central banks, who are, by the way, being very cautious, the central banks will keep money growing quickly. we'll keep interest rates low. we're not talking about interest rates rising in a few months' time. we're talking about them rising in several years' time. >> the american consumer, so important to the economy. what's it going to take to get them spending again? >> a great deal. probably years. i mean, i think you need to put years between what has happened and what's going to happen. it's a bit like the 1930s. as you go into the 1930s, horrible things happened. then sentiment hit rock bottom. what's more, inflation goes negative. when inflation goes negative, people say, crikey. it's not sensible to go out and buy something.